Rent to Own Homes in North Carolina

Overview

North Carolina is awash with beautiful scenery, from its eastern Atlantic Ocean border to the rolling hills of the Piedmont and on to western North Carolina’s Blue Ridge and Great Smoky mountains. This compelling landscape is just part of North Carolina’s appeal though. The state also enjoys a variety of thriving industries such as research, biotechnology, engineering, energy and finance that enhance the state’s more traditional furniture-making and agricultural sectors.

The state supports these growing and established industries with a superb higher education system that includes North Carolina State University, University of North Carolina at Chapel Hill and UNC Wilmington. While UNC Chapel Hill was the first public university in the country, North Carolina State is the largest of the system’s 17 institutions, enrolling about 34,000 students each year.

North Carolina is awash with beautiful scenery, from its eastern Atlantic Ocean border to the rolling hills of the Piedmont and on to western North Carolina’s Blue Ridge and Great Smoky mountains. This compelling landscape is just part of North Carolina’s appeal though. The state also enjoys a variety of thriving industries such as research, biotechnology, engineering, energy and finance that enhance the state’s more traditional furniture-making and agricultural sectors.

The state supports these growing and established industries with a superb higher education system that includes North Carolina State University, University of North Carolina at Chapel Hill and UNC Wilmington. While UNC Chapel Hill was the first public university in the country, North Carolina State is the largest of the system’s 17 institutions, enrolling about 34,000 students each year.

These world-class universities, abundant business opportunities and breathtaking landscapes are enhanced by North Carolina’s convenient location bordering South Carolina, Georgia, Tennessee and Virginia. Together, these benefits draw an ever-increasing number of residents. In fact, the state is home to 9.9 million residents, making it the 9th most populous of the United States. Charlotte and the capital city of Raleigh are growing so quickly that they rank among the 10 fastest-growing cities in the nation.

Buying a Home in North Carolina

North Carolina’s housing market is growing, buoyed by the state’s rapid population growth and still-affordable home prices. Even with past growth and predicted future expansion, though, North Carolina’s home market is growing at a stable, measured pace that bodes well for home buyers and sellers. Currently, the median home sales price in the state is $171,725, and the average sales price is up 7 percent to $206,024. That’s still very affordable compared to the national median sales price of $228,700 in August 2015.

The pace of home buying in North Carolina has also increased, but more dramatically than the sales price. As of August 2015, more than 89,000 homes were sold in the state during the year, representing a 33 percent increase over the same period in 2014.

Even better for buyers, not all communities are experiencing growth in home prices. Towns like Rocky Mount, Carteret, Fayetteville, Neuse River and Washington/Beaufort all saw a small dip in home prices, making them even more affordable. Rocky Mount experienced the biggest drop in home sales prices, bringing homes to an average sales price of $100,691.

Most of the state’s more expensive housing markets remain fairly affordable however. Homes in the coastal Outer Banks area sell for an average price of $353,851, and Asheville homes cost an average of $286,444. Both are highly coveted areas, but their slightly higher sales prices are still within reach for many state residents.

Popular Neighborhoods in North Carolina

The Tar Heel State is full of attractive cities and welcoming Southern neighborhoods. Wake Forest, Chapel Hill, Morrisville, Cary, Matthews and Garner are some favorite cities, offering affordable cost of living, ample amenities, low crime rates and strong household income. All are in the prized Research Triangle area, with terrific access to high-paying jobs, excellent universities, strong public schools and entertainment. Most also have nice parks, bountiful recreation and convenient access to top-rated healthcare institutions.

If you prefer living in North Carolina’s bigger cities, there are a host of attractive neighborhoods suitable for any lifestyle. In Greensboro, young professionals and families appreciate the flair of downtown, the city’s three historic districts and Fisher Park. In Charlotte, check out the Victorian homes in The Arts District, the condo high-rises in Center City’s “The Loop” and the charming bungalows in Plaza-Midtown. If you want the warm, fuzzy feel of a close-knit community in a big city, you may prefer Raleigh’s Stonehenge neighborhood, where neighbors participate in Halloween parades and compete for the best holiday light displays. Historic Oakwood and the newer Brier Creek Country Club areas are also popular Raleigh neighborhoods.

Buying vs. Rent to Own Homes

Renting to own a home instead of going through the conventional home-buying process offers several benefits to home buyers. That’s especially true in times when home prices are increasing, because buyers lock in the sales price at today’s rate, even though they’ll pay for the home a few years down the line. In addition to the potential for nearly instant equity, rent-to-owners enjoy other advantages over conventional buyers. First, there’s no need to wait for escrow to close before moving into the home. While rent-to-own buyers pay a nominal option fee at the start of the contract, they won’t need to come up with a down payment until the close of the contract. There’s also time to improve credit ratings, coordinate other important financial paperwork and save for a larger down payment.

Cost of Living in North Carolina

Residents of North Carolina spend 5 percent less on living expenses than the average American, thanks to the state’s remarkable low housing costs. In fact, locals pay only 85 cents on housing for every dollar the rest of the country spends. Other living expenses are closer to the national average. Both utilities and transportation are 2 to 3 percent lower than the nationwide average, and groceries and health care costs are 2 to 3 percent higher.

Durham-Chapel Hill was named to Forbes magazine’s list of America’s cheapest cities to live in, although its cost of living is slightly higher than the statewide average. Similarly, NerdWallet named Apex, Stallings and Morrisville as great locations for young families based on affordability, schools and household income, even though the cost of living in each of these towns is higher than the national average. On the other hand, if you’re weighing the balance of schools, safety and proximity to jobs against cost of living, all of these cities provide nice value.

Summary

North Carolina’s world-class Research Triangle is just one of the many reasons an increasing number of Americans are moving to the state. Housing is affordable here, costing about 15 percent less than in the average U.S. town, and the low overall cost of living is a boon to those living on a budget. Excellent universities, first-rate public schools and friendly Southern hospitality are also alluring. North Carolina also sports an outstanding transportation system in its Piedmont and Carolina passenger trains and operates the East Coast’s largest ferry system. The state is frequently named as one of the best places to do business, and its appealing cities are often proclaimed to be top places to live.

About Rent To Own Labs

Our goal is to help you find the ideal rent to own home. To do that, we’ve had to experiment with a lot of crazy things to make that happen (thus our name!). We’re consistently trying new things, working with new partners, and overall, trying to make your search experience as seamless as possible. At the end of the day, we know how important it is to find the perfect home, and we’re excited to help you find it, and to help you through the entire process.